Which of the following countries achieved economic growth, in part, by reducing its population growth rate?
a. The former Soviet Union
b. The United States
c. The United Kingdom
d. China
e. Hong Kong
D
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Marginal resource cost is
A. the increase in total resource cost associated with the production of one more unit of output. B. total resource cost divided by the number of inputs employed. C. the change in total revenue associated with the employment of one more unit of the resource. D. the increase in total resource cost associated with the hire of one more unit of the resource.
Why do necessities tend to have demand that is price inelastic, while luxuries tend to have demand that is price elastic?
What will be an ideal response?
If the fluctuations in the economy’s real growth rate from year to year are caused primarily by variations in the rate at which aggregate demand increases, then data would show the
A. worst recession occurs when output expands most rapidly. B. slowest inflation occurs when output expands most rapidly. C. slowest economic growth occurs when output grows most rapidly. D. most rapid inflation occurs when output expands most rapidly.
Which of the following statements correctly characterizes the distribution of colonial wealth?
a. Colonial wealth was distributed equally across the population. b. While the distribution wealth was highly concentrated in the South, New England , the Middle colonies had very equal wealth distributions. c. Wealth inequality tended to be greatest in colonial cities. d. A permanent underclass of free poor people developed during the colonial period.